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2 50 po Required information Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3, P4, P6 [The following information applies to the questions displayed below.) Sloped Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training Individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI Initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows along with descriptions of items a through h that require adjusting entries on December 31 Boch Additional Information Items Prim a. An analysis of WTI's insurance policies shows that $3,203 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,776 are available at year-end. c. Annual depreciation on the equipment is $12,814 d. Annual depreciation on the professional library is $6,407 e. On September 1, WTI agreed to do five courses for a client for $2,400 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $12,000 cash in advance for all five courses on September 1, and WTI credited Unearned Training Fees. On October 15, WTI agreed to teach a four month class (beginning immediately for an executive with payment due at the end of the class. At December 31, $9.750 of the tuition has been earned by WTI g. WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December References WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Debit $ 28, 151 Credit Cash Accounts receivable Teaching supplies Prepaid insurance Prenaid rent 10,826 16, 242 2.166 ALE G 2 1 3 4 8 5 7 6 ebook Annual depreciation on the equipment is $12,814. Note: Enter debts before credits Transaction General Journal Debit Credit c. References Record entry Clear entry View general journal ME Cara Book Annual depreciation on the professional library is $6,407 Note: Enter debits before credits Print General Journal Debit Transaction d Credit References Record entry Clear entry View general journal ME GE Stop On September 1, WTI agreed to do five courses for a client for $2,400 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $12,000 cash in advance for all five courses on September 1, and WTI credited Unearned Training Fees. Note: inter debits before Transaction General Journal Debit Credit Record entry Clear entry View general journal book On October 15, WTI agreed to teach a four month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $9,750 of the tuition has been earned by WTI. AIR Note: Therefore the Prot Transaction General Journal Dobit Credit rence Record entry Clear entry View general journal GE 5 5. 7 8 WII's two employees are paid weekly. As of the end of the year, two days salaries have accrued at the rate of $100 per day for each employee. Note: Enter debits before credits Print Transaction General Journal Debit Credit 9 References Record entry Clear entry View general Journal och The balance in the Prepaid Rent account represents rent for December A Note: Enter debits before credits Transaction General Journal Debit Credit Haferences Record entry Clear entry View general journal ME Gr